Manhattan Luxury Real Estate Market Heats Up: $216.5M in Contracts Signed
Manhattan Luxury Real Estate Market Heats Up: $216.5M in Contracts Signed
?? The latest Manhattan luxury market update is in, and the numbers tell a compelling story. With 27 contracts signed for properties priced at $5M and above, totaling $216.5M, luxury real estate is seeing strong momentum. This marks a significant increase from last week’s 16 contracts, a sign that high-end buyers are actively making moves.
?? Market Snapshot | Feb 24 - Mar 2, 2025
?? Where Are the Deals Happening?
?? Luxury Contracts by Property Type:
?? Condos: 17 contracts | Avg. Price: $7.76M | Avg. PPSF: $2,687 | Avg. Size: 2,952 SF ?? Co-ops: 7 contracts | Avg. Price: $6.27M | Median Price: $5.8M ?? Townhouses: 3 contracts | Avg. Price: $13.58M | Avg. PPSF: $1,806 | Avg. Size: 6,575 SF
?? Top Luxury Contracts Signed This Week
?? 127 East 73rd Street, Lenox Hill | Asking: $28M ?? Townhouse | 9,800 SF | 6 Beds | 8 Baths ?? Originally built in 1904, this 22-foot-wide home features hardwood floors, oversized windows, fireplaces, a large eat-in kitchen, and a landscaped garden with a waterfall. ?? Bonus features: A media room, a half-size basketball court, and a private roof terrace.
?? 212 West 72nd Street, PHN | Upper West Side | Asking: $19.15M ?? Condo | 4,683 SF | 5 Beds | 6 Baths ?? Features a 1,184 SF rooftop terrace with an outdoor kitchen, skyline views, a double-height foyer, wide-plank white oak floors, and floor-to-ceiling windows. ?? The building includes a doorman, concierge, fitness center, and residents’ terrace.
?? 500 West 18th Street, W30B | West Chelsea | Asking: $12.05M ?? Condo | 3,166 SF | 3 Beds | 3.5 Baths ?? A sleek, modern unit with high-end finishes, large windows, and incredible views.
?? 830 Park Avenue, 9/10B | Lenox Hill | Asking: $8.25M ?? Co-op | 4 Beds | 3 Baths ?? Elegant pre-war charm with spacious layouts and timeless architectural details.
?? Key Takeaways from This Week’s Market Activity:
?? Luxury deals are on the rise – Contracts jumped from 16 last week to 27 this week.
?? Minimal discounts (3%) show that demand remains strong for well-priced properties.
?? Condos are dominating the luxury segment, accounting for 63% of deals.
?? Townhouses continue to attract high prices, averaging $13.58M per contract.
With buyer confidence growing and properties moving at competitive prices, this is a critical time for both sellers and investors to assess opportunities in Manhattan’s luxury market.
?? If you're looking to buy, sell, or invest in NYC real estate, let's connect!
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